Why would any serious administration adopt it?The progressive left has a tremendous sway within the Biden administration, especially when it comes to housing policy. Rent control, despite its repeated failures, remains a favored tool among these ideologues. Their demands are not rooted in economic reality but in. They see rising rents much the way they see general inflation: the result of unchecked corporate greed rather than an excess of demand over supply.
What’s more, the Biden rent control proposal is likely to diminish supply through another channel—with the perverse effect of raising rents. Renters in hot real estate markets will hold on to their below market apartments, much the way homeowners with low-interest rate home loans are now reluctant to put their properties on the market. Thiswill push demand into the new construction market, pushing up rents.
In succumbing to the allure of rent control, the Biden administration has made a concession to the left-wing of its party. This is not a policy borne of economic insight but of political expediency. It offers, a sop to the progressive base, while the real solutions are left to languish in the purgatory of legislative delay.a preference for symbolic gestures over substantive policy
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